The exit rate says that for all cases where someone visited that page (including the bounces); it was the last page that much % of time. Bounce and exit rate both calculated based on page views and not based on unique pages views. Exit rate include bounces.

Consider one example,

My website is having one page named Product1.html, having 35% exit rate and 28% bounce rate. As I mentioned, bounce rate is a part of exit rate; we can take difference of these two to get interesting information. Exit Rate (35%) – Bounce Rate (28%) = 7% visited other pages on my site then came back to the main product1.html page and exited from that page. This observation has an exception, like what if Bounce rate is greater than exit rate!

Logically, greater bounce rate than exit rate is bit misleading in understanding the behavior of users. Means, when people landing on a particular page and exiting from there only, what’s the reason behind people exit less when they’re landing on some other page, traverse certain number of pages and coming on that page. If a page is not really happening in engaging its visitors then exit rate and bounce rate should be almost equal.